ACCT 23020 Lecture Notes - Lecture 33: Current Liability, Accounts Payable, Accrued Interest
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30 Oct 2019
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Common-Size Balance Sheets
Following is the balance sheet for Target Corporation. Prepare Target’s common-size balance sheets as of January 31, 2015 and February 1, 2014.
(Round your answers to one decimal place.)
($ millions) | January 31, 2015 | February 1, 2014 |
---|---|---|
Assets | ||
Cash and cash equivalents | $2,210 | $670 |
Inventory | 8,790 | 8,278 |
Other current assets | 3,087 | 2,625 |
Total current assets | 14,087 | 11,573 |
Property and equipment, net | 25,958 | 26,412 |
Other noncurrent assets | 1,359 | 6,568 |
Total assets | $41,404 | $44,553 |
Liabilities and shareholders’ investment | ||
Accounts payable | $7,759 | $7,335 |
Accrued and other current liabilities | 3,886 | 4,299 |
Current portion of long-term debt and notes payable | 91 | 1,143 |
Total current liabilities | 11,736 | 12,777 |
Long-term debt | 12,705 | 11,429 |
Deferred income taxes | 1,321 | 1,349 |
Other noncurrent liabilities | 1,645 | 2,767 |
Total shareholders’ investment | 13,997 | 16,231 |
Total liabilities and shareholders’ investment | $41,404 | $44,553 |
TARGET CORPORATION Common-Size Balance Sheets | ||
---|---|---|
2015 | 2014 | |
Cash and cash equivalents | Answer% | Answer% |
Inventory | Answer% | Answer% |
Other current assets | Answer% | Answer% |
Total current assets | Answer% | Answer% |
Property and equipment, net | Answer% | Answer% |
Other noncurrent assets | Answer% | Answer% |
Total assets | Answer% | Answer% |
Accounts payable | Answer% | Answer% |
Accrued and other current liabilities | Answer% | Answer% |
Current portion of long-term debt and notes payable | Answer% | Answer% |
Total current liabilities | Answer% | Answer% |
Long-term debt | Answer% | Answer% |
Deferred income taxes | Answer% | Answer% |
Other noncurrent liabilities | Answer% | Answer% |
Total shareholders’ investment | Answer% | Answer% |
Total liabilities and shareholders’ investment | Answer% | Answer% |
Devin E Corporation | |||
Balance Sheet | |||
As of December 31, | |||
2015 | 2014 | ||
Assets: | |||
Cash & Cash Equivalents | $41,900 | $25,000 | |
Accounts Receivable | 24,000 | 6,250 | |
Inventory | 30,000 | 36,000 | |
CurrentAssets | 95,900 | 67,250 | |
Land | 25,000 | 10,000 | |
Equipment | 42,000 | 38,500 | |
Less: Accumulated Depreciation | (14,000) | (7,000) | |
53,000 | 41,500 | ||
Total Assets | 148,900 | 108,750 | |
Liabilities: | |||
Accounts Payable | 17,500 | 22,500 | |
Accrued Salaries Payable | 5,500 | 8,000 | |
Rent Expense Payable | 2,200 | 1,000 | |
Income Tax Payable | 6,900 | 4,000 | |
Current Liabilities | 32,100 | 35,500 | |
Long-term notes payable | 50,000 | 30,000 | |
Total Liabilities | 82,100 | 65,500 | |
Stockholders Equity: | |||
Common Stock | 42,000 | 30,000 | |
Retained Earnings | 24,800 | 13,250 | |
Total Liabilities & StockholdersEquity | $148,900 | $108,750 | |
Devin E Corporation | |||
Income Statement | |||
For the Year Ended December 31, 2015 | |||
2015 | |||
Revenues | $147,000 | ||
Cost of Goods Sold | 84,000 | ||
Gross Profit | 63,000 | ||
Operating Expenses | |||
Depreciation Expense | 7,000 | ||
Salary Expense | 14,600 | ||
Insurance Expense | 2,500 | ||
Rent Expense | 10,000 | ||
Interest Expense | 4,200 | ||
Total OperatingExpenses | 38,300 | ||
Income from Operations | 24,700 | ||
Income Tax Expense | 6,900 | ||
Net Income | $17,800 | ||
Devin E Corporation (the“Company”) manufactures food processing equipment. Use DevinCorporation’s 2015 and 2014 balance sheets and 2015 incomestatement shown below to prepare a statement of cash flows for2015. Note that the Company paid dividends of $6,250 during2015. |
Please fill in the balance sheet as well as create a statementof cash flow sheet
Devin E Corporation | ||||||||
Balance Sheet | ||||||||
31-Dec | ||||||||
Worksheet for Cash Flow | ||||||||
2015 | 2014 | Change | Cash | Operating | Investing | Financing | ||
Cash and Cash Equivalents | ||||||||
Accounts Receivable | ||||||||
Inventory | ||||||||
Land | ||||||||
Equipment | ||||||||
Accumulated Depreciation | ||||||||
Accounts Payable | ||||||||
Accrued Salaries Payable | ||||||||
Rent Expense Payable | ||||||||
Income Tax Payable | ||||||||
Long-term Note Payable | ||||||||
Common Stock | ||||||||
Retained Earnings | ||||||||
Devin E Corporation | ||
Statement of Cash Flows | ||
For the Year Ended December 31, 2015 | ||